Reported by Tanasia Kenney

Citibank will pay millions to rectify accusations that it “purposefully discriminated” against Armenian Americans applying for its credit cards.

The New York-based bank was hit with a $25.9 million fine after federal officials said it singled out applicants “based on the spelling of their last name,” according to the U.S. Consumer Financial Protection Bureau.

Employees refused credit to those they believed to have Armenian ancestry, officials said, then gave borrowers bogus reasons for the denial.

Karen Kearns, a spokesperson for Citibank, told CNN that the company took “appropriate actions” against the employees involved and took steps to prevent similar conduct in the future.

“Regrettably, in trying to thwart a well-documented Armenian fraud ring operating in certain parts of California, a few employees took impermissible actions,” Kearns said, according to CNN. “While we prioritize protecting our bank and our customers from fraud, it is unacceptable to base credit decisions on national origin.”

Read full report: https://ca.finance.yahoo.com/news/citi-denied-credit-card-applicants-224842578.html